Rightmove’s weekly mortgage tracker 01/08/23
Headline stats
- The average 5-year fixed mortgage rate is now 6.08%, up from 3.69% a year ago
- The average 2-year fixed mortgage rate is now 6.61%, up from 3.66% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 6.15%, up from 3.63% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 5.82%, up from 3.44% a year ago
- The average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% LTV mortgage, is now £1,253 per month
Commentary
Rightmove’s mortgage expert Matt Smith says: “Average rates across five-year and two-year fixed products have seen their first weekly drop since mid-April, as the more positive economic news in recent weeks begins to filter through to the mortgage market and lenders tentatively begin to reduce rates. As previously seen, lenders are likely to be waiting for this week’s Base Rate announcement before any further action so they can act with a little more certainty – but without any market surprises, we expect rates to reduce further in the coming weeks and potentially accelerate depending on how positive the signs are.”
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 31st July 2023 |
Lowest rate 31st July 2023 |
Average rate
a year ago |
|
95%
|
2 year fixed | 6.94% | 6.34% | 4.08% |
|
95%
|
5 year fixed | 6.26% | 5.99% | 4.08% |
|
90%
|
2 year fixed | 6.77% | 6.29% | 3.73% |
|
90%
|
5 year fixed | 6.18% | 5.60% | 3.79% |
|
LTV (loan to value) |
Term |
Average rate 31st July 2023 | Lowest rate
31st July 2023 |
Average rate
a year ago |
|
85%
|
2 year fixed |
6.65% | 6.14% | 3.59% |
|
85%
|
5 year fixed
|
6.15% |
5.58% |
3.63% |
|
75%
|
2 year fixed |
6.47% |
5.98% |
3.54% |
|
75%
|
5 year fixed
|
5.98% |
5.34% |
3.56% |
|
60%
|
2 year fixed
|
6.30% |
5.90% |
3.43% |
|
60%
|
5 year fixed |
5.82% |
5.32% |
3.44% |
Rightmove can provide average monthly mortgage payments based on the latest available asking price and mortgage rate data. For example, the average monthly mortgage payment on a first-time buyer type property which is currently £225,552, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,253 per month if repaying over 25 years.
Average mortgage rates to be credited to Rightmove. The data is provided by specialist mortgage technology provider Podium Solutions. The data covers 95% of mortgage lending, to exclude specialist lenders. All rates are based on products with a circa £999 fee.
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